Berkeley Energia (LON:BKY) has received all the European, national, regional and provincial approvals required for initial infrastructure at its Salamanca uranium project in Spain.
Land acquisition is well advanced the quarterly update also indicated, with initial site works contracts set to be awarded in February/March.
Berkeley added it has continued to “receive approaches from potential financiers and strategic partners in the project
Annual saleable production over the life of mine is expected to be 3.0Mlb of uranium. Life-of-mine C1 and C2 cash costs are forecast at US$17.5/lb and US$19.8/lb, respectively.
The project has a Net Present Value of US$354mln (£236mln) based on a current term contract price for uranium of US$44 per pound representing £1.31 per share on an undiluted and unfinanced basis.
Cash at end December was A$8.41m (£4.2mln), with A$3mln set to be spent this quarter.
Shore Capital added that the latest drill results from Zona 7 at the prospect suggest room for significant further improvements in the project’s economics.
Shares were unchanged at 24.3p.